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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

GBP/USD: the downtrend line is restraining bears

Sergey Logachev

GBP/USD: the downtrend line is restraining bears

The price has faced a resistance at 1.4638, which led to form a “Double Top” pattern. The pair was falling down afterwards, but bears has been stopped by a “Thorn”. It’s likely that the market is going to decline towards a support at 1.4473 – 1.4458. If we see a pullback from these levels, the downtrend line will have a chance to be broken.

GBP/USD: the downtrend line is restraining bears

There’s a downward correction in progress, which brought a “Thorn” pattern at the local low. So, the market is likely going to rise towards a resistance at 1.4588 – 1.4620. If a pullback from this area happens, bears will probably try to reach a support at 1.4495 – 1.4469. 

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